Monday, October 25, 2010

Business News -25 October 2010

  • BSE Sensex up 1.25 pct on early trade
    Mon, 25 Oct 2010 09:30:14 -0700
    Indian shares moved up by 1.25 percent or 252.77 points up at 20,418.63 with 27 components gaining and 3 components declining on Monday.
  • Singapore Exchange to buy ASX for $8.3 billion
    Mon, 25 Oct 2010 08:21:56 -0700
    Singapore Exchange (SGX) has agreed a $8.3 billion takeover of Australia's ASX Ltd to create Asia's fourth-largest stock exchange, aiming to cut costs and fight growing competition.
  • Skoopz: Sweet-Talking Wal-Mart
    Mon, 25 Oct 2010 08:20:20 -0700
    How two guys from Atlanta caught the eye of the giant retailer through guerrilla marketing
  • Bank industry shake-up seen ahead - Barclays boss
    Mon, 25 Oct 2010 08:10:40 -0700
    LONDON (Reuters) - There will be a shake-up of Europe's banks in the next five years, with significant consolidation and restructuring, the incoming head of British bank Barclays Plc said.
  • SEBI tightens share preferential issue norms
    Mon, 25 Oct 2010 08:10:28 -0700
    MUMBAI (Reuters) - The Securities and Exchange Board of India (SEBI) has tightened the norms for preferential allotment to founder shareholders.
  • Britain's austerity: 4 lessons for Washington
    Mon, 25 Oct 2010 08:07:23 -0700
    Commentary: Maya MacGuineas is the director of the fiscal policy program at the New America Foundation.
  • Stocks start the week sharply higher
    Mon, 25 Oct 2010 08:06:07 -0700
    Stocks opened with a pop Monday to start a busy week of quarterly results and economic reports, beginning with housing sales that came in much better than expected.
  • Cairn deal: Vedanta to miss deadline for shareholders' nod
    Mon, 25 Oct 2010 08:05:51 -0700
    London-listed Vedanta Resources is set to miss the October 30 deadline for seeking shareholders nod for its USD 9.6 billion buyout of Cairn India, apparently due to regulatory hurdles. The deal is conditional upon Cairn Energy Plc (which is selling a majority stake in its Indian arm) and Vedanta Resources securing shareholders approval on or before October 30. Furthermore, Vedanta Group has to complete an Indian open offer to minority shareholders of Cairn India. While shareholders of Cairn Energy approved the sale of a 40 to 51 per cent stake
  • Pound Set for Pain as Cuts Push King to Print Money
    Mon, 25 Oct 2010 08:04:00 -0700
    The only major currency rivaling the dollar’s decline since July is the pound, and foreign-exchange strategists say the worst is yet to come for Britain’s legal tender.
  • Why The President Should Fire His Speechwriters
    Mon, 25 Oct 2010 08:02:08 -0700
    Obama forged his presidency in equivocation, evasion, and platitudes; FDR, discipline and leadership
  • Idea Q2 profit over Rs 179 cr
    Mon, 25 Oct 2010 08:01:49 -0700
    Private telecom services provider Idea Cellular said its consolidated net profit was Rs 179.74 crore for the second quarter ended September 31, 2010. The company had a net profit of Rs 220.15 crore in the July-September quarter last year, Idea Cellular said in a filing to the Bombay Stock Exchange. Figures for the current period are not comparable with that of the corresponding period due to the merger of Spice Communications Ltd effective March 1, 2010, prior to which it was a joint venture, Idea said. Its total revenues were Rs 3,659.19 crore
  • Titan Q2 beats net f'cast, retail growth boosts
    Mon, 25 Oct 2010 08:00:49 -0700
    MUMBAI (Reuters) - Retailer Titan Industries Ltd on Monday posted robust second-quarter numbers on the back of strong growth in its key watch and jewellery segments.
  • Japan, India agree on tighter ties amid China risk
    Mon, 25 Oct 2010 08:00:38 -0700
    TOKYO (Reuters) - Japan and India pledged closer strategic ties between Asia's second and third biggest economies in talks on Monday, as Tokyo struggles to offset the risk of its growing dependence on giant rival China.
  • Gold up, palladium highest since 2001 on dollar
    Mon, 25 Oct 2010 08:00:26 -0700
    LONDON (Reuters) - Gold rose about 1 percent on Monday and palladium hit its highest in nearly a decade, as the dollar fell after weekend comments at the G20 meeting and investors awaited a speech by the Federal Reserve Chairman.
  • HUL Q2 net profit up 32 pct to Rs 566 cr
    Mon, 25 Oct 2010 08:00:06 -0700
    Boosted by healthy sales and volume growth, FMCG giant Hindustan Unilever (HUL) posted a 32.1 per cent jump in net profit to Rs 566.12 crore for the quarter ended September 30, 2010, over the same period last fiscal. The company also said its board of directors have recommended an interim dividend of Rs 3 per share for the financial year ended March 31, 2010. During the quarter, HUL recorded a 10.7 per cent increase in its net sales to Rs 4,680.87 crore from Rs 4,228.11 posted in the corresponding period previous fiscal. The company attributed
  • Stock market likes political unity, not gridlock: S&P
    Mon, 25 Oct 2010 07:59:49 -0700
    While some market-observers are hoping that the upcoming mid-term elections results in the political gridlock – i.e., Republicans take control of the House of Representatives, while Democrats retain leadership of the U.S. Senate – Sam Stovall, chief investment strategist at S&P counters that such gridlock is not good for stocks.
  • Existing home sales on the rise
    Mon, 25 Oct 2010 07:59:42 -0700
    Existing home sales climbed for the second month in a row in September, fueling some hope that a housing recovery is underway.
  • SC dismisses L&T appeal on NTPC tender
    Mon, 25 Oct 2010 07:58:21 -0700
    The Supreme Court dismissed Larsen & Toubro s appeal challenging its disqualification from participation in state-run NTPC s Rs 15,000 crore power equipment tender and seeking a stay on the bidding process. A bench comprising Justice Altamas Kabir and Justice Cyriac Joseph declined to stay an interim order by the Delhi High Court rejecting L&T s plea for suspending the bidding process for the tender after its bid was disqualified on technical grounds. However, the apex court directed the High Court, where the matter is still pending, to
  • HSIL Q2 net profit up 52 pct
    Mon, 25 Oct 2010 07:56:52 -0700
    Building products and container glass maker HSIL reported 52 per cent increase in its net profit to Rs 13.93 crore for the quarter ended September 30, 2010, over the same period last fiscal. The net profit for the same period last fiscal was Rs 9.15 crore, the company said in a statement. The second quarter has contributed healthy results for each of the business divisions and for the company as a whole. We have strengthened our operations to leverage our distribution network in the building products division, HSIL Joint Managing D Sandip Somany
  • Exports grow by 23.2 pct in Sept
    Mon, 25 Oct 2010 07:54:13 -0700
    India s exports shot up by an annualised 23.2 per cent in September, 2010, to a two-year high of USD 18.02 billion, but even faster import growth increased concerns over the country s widening trade gap. The country is on track to surpass the export target of USD 200 billion for the current fiscal, Commerce and Industry Minister Anand Sharma said. In the April-September period of the 2010-11 fiscal, exports aggregated to USD 103.30 billion, a 27.6 per cent increase vis-a-vis the year-ago period. In the first six months of this year, we have done
  • Tweet can predict stock market mood!
    Mon, 25 Oct 2010 07:53:06 -0700
    Most of us think that all that a Tweeter account can do is connect with friends, but a study has found out that netizens could predict market sentiments with 90 per cent accuracy by simply analysing their feeds. Researchers at Indiana University Bloomington s School of Informatics and Computing have found that there is a correlation between the value of the Dow Jones Industrial Average (DJIA) and public sentiment after analysing more than 9.8 million tweets from 2.7 million users during 10 months in 2008. The IU scientists said that analysis of
  • U.S. Banks Face Pressure to Fix Foreclosure Claims: Timeline
    Mon, 25 Oct 2010 07:52:18 -0700
    U.S. banks including Bank of America Corp. and Ally Financial Inc. are facing pressure to address home-foreclosure practices as Federal Reserve Chairman Ben S. Bernanke said the central bank and other regulators are “intensively” examining financial companies’ procedures.
  • Jaguar Land Rover in talks with Chinese automaker for JV
    Mon, 25 Oct 2010 07:52:03 -0700
    Jaguar Land Rover, owned by Tata Motors, is in talks with a Chinese automaker to establish a manufacturing and sales joint venture in China, a spokesman for the Indian firm said on Monday. A joint venture could boost the Jaguar and Land Rover brands in China, now the world s biggest auto market after surpassing the United States last year. Tata Group chairman Ratan Tata said in August the automaker was planning to widen its offering in premium Jaguar cars and step up its network in China, which has emerged as the third-largest market for its Land
  • Connaught Place job stake sold: Parsvnath
    Mon, 25 Oct 2010 07:51:20 -0700
    Realty firm Parsvnath Developers said it has raised Rs 120 crore by selling 24.5 per cent stake in its office complex project at Connaught Place, in the national capital, to private equity firm Red Fort Capital. In a filing to the Bombay Stock Exchange, Parsvnath said it has partnered with Red Fort Capital to jointly develop the office complex, spread over five acres. The project Red Fort Parsvnath Towers , with a leasable area of three lakh sq ft, would be developed by its subsidiary Farhat Developers Pvt Ltd (FDPL). The entities controlled by
  • Wipro downgraded at Credit Suisse
    Mon, 25 Oct 2010 07:51:12 -0700
    Credit Suisse downgraded Wipro to "neutral" from "outperform," as the company's IT services' revenues and margins came in below expectations.
  • States Face Budget Holes If U.S. Capital-Gains Tax Doesn’t Rise
    Mon, 25 Oct 2010 07:51:06 -0700
    California and New York, after closing budget deficits of more than $27 billion this year, may face $1.3 billion in combined new gaps if the federal capital- gains tax rate doesn’t rise as scheduled, state documents show.
  • Office Depot Says Odland Resigned, Looks for CEO
    Mon, 25 Oct 2010 07:48:00 -0700
    Office Depot Inc. said Chairman and Chief Executive Officer Steve Odland has resigned, after disclosing last week a settlement of U.S. claims that it signaled to some analysts that earnings may miss estimates.
  • Wall St rises on dollar weakness, Fed stimulus talk
    Mon, 25 Oct 2010 07:47:11 -0700
    NEW YORK (Reuters) - Stocks rose on Monday as a weak dollar and expectations of economic stimulus from the Federal Reserve prompted investors to pick up risker assets.

  • Long-Term Peso Bonds Jump 40% on GDP Growth: Argentina Credit
    Mon, 25 Oct 2010 07:46:00 -0700
    Argentine peso bonds maturing in eight years or more are beating shorter-term notes for the first time since 2006 as the government’s June debt restructuring and a revival in economic growth boost confidence.
  • Record Bids on Asset Sales to Trim Budget Deficit: India Credit
    Mon, 25 Oct 2010 07:42:00 -0700
    Bids for Coal India Ltd.’s initial public offer suggest the government will surpass its record 400 billion rupee ($9 billion) target from asset sales this fiscal year, helping to trim the budget deficit to a three-year low.
  • 'Decent' pension for all proposed
    Mon, 25 Oct 2010 07:37:15 -0700
    The government is considering a "radical" overhaul of the state pension to ensure everybody has a "decent" income in retirement, says Vince Cable.
  • Candidates talk deficit BS on campaign trail
    Mon, 25 Oct 2010 07:34:48 -0700
    Challengers running for Congress and lawmakers trying to hang on to their seats have had plenty to say about federal debt and spending this election season.
  • Record profits, waning policy risk to boost China banks
    Mon, 25 Oct 2010 07:34:04 -0700
    Chinese banks will likely report record third-quarter profits on strong loan demand, aiding a recovery in the sector's depressed valuations as economic prospects improve and worries fade over asset quality.
  • Sarkozy ‘Dirty Work’ Means No Scapegoat in Poll Slump
    Mon, 25 Oct 2010 07:25:00 -0700
    When Nicolas Sarkozy was running for president, he promised to be a new type of French leader: more involved and less aloof.
  • US stocks extend gains after housing data
    Mon, 25 Oct 2010 07:20:21 -0700
    US stocks extended earlier gains on Monday after a report showed that existing home sales rose more-than-expected in September.
  • Steverman: Emerging Markets Fund Strategies
    Mon, 25 Oct 2010 07:15:39 -0700
    For U.S. investors looking to exploit growth in emerging markets, one question is how much of their portfolios to allocate toward these fast-growing regions of the world. It's a question I address in this story just posted on
  • SEC questioned Warren Buffett's Berkshire on loss accounting
    Mon, 25 Oct 2010 07:13:48 -0700
    NEW YORK (Reuters) - The U.S. Securities and Exchange Commission questioned Warren Buffett's Berkshire Hathaway in the second quarter on why it was not writing down large losses on shares in Kraft ...

  • Regulators reviewing foreclosure practices: Bernanke
    Mon, 25 Oct 2010 07:10:30 -0700
    WASHINGTON (Reuters) - U.S. banking regulators will issue a report next month on foreclosure practices at large financial institutions, following allegations that lenders cut corners to illegally...

  • Existing home sales rise 10 percent in September
    Mon, 25 Oct 2010 07:08:27 -0700
    WASHINGTON (Reuters) - Sales of previously owned homes rose more than expected in September, an industry group said on Monday, indicating the housing market was stabilizing at weaker levels.

  • Saved by a robot lifeguard
    Mon, 25 Oct 2010 07:07:37 -0700
    Emily may not be the prettiest thing with plastic parts on bikini-riddled Zuma Beach in Malibu, Calif., but 'she' still turns heads.
  • Carlyle in talks to buy CommScope for $3 billion
    Mon, 25 Oct 2010 07:06:15 -0700
    NEW YORK/BANGALORE (Reuters) - Private equity firm Carlyle Group is in talks to buy CommScope Inc for about $3 billion, the communications cable maker said on Monday.

  • BMO Capital Markets upgrades Novatel, Sierra Wireless
    Mon, 25 Oct 2010 07:00:05 -0700
    BMO Capital Markets upgraded Novatel Wireless (NVTL) and Sierra Wireless (SWIR) to “Outperform” from “Marketperform” based on the strength of the mobile broadband market.
  • BP CEO slams media, rivals for boosting spill fears
    Mon, 25 Oct 2010 06:49:13 -0700
    LONDON (Reuters) - BP's new chief executive said its rivals and the media had helped cause a climate of fear during the summer when the oil giant's blown-out Gulf of Mexico well caused the worst ever...

  • Review: Amazon's Kindle lifts business documents
    Mon, 25 Oct 2010 06:47:31 -0700
    The Amazon Kindle is a great way of reading documents sent to you by email
  • BT to double apprenticeships to help with broadband rollout
    Mon, 25 Oct 2010 06:43:08 -0700
    BT is to double the number of apprenticeships it hires this autumn to help train young people to deliver fibre optic broadband.

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